Retirement Systems of Alabama Lowers Holdings in Allegro MicroSystems, Inc. (NASDAQ:ALGM)

Retirement Systems of Alabama trimmed its position in shares of Allegro MicroSystems, Inc. (NASDAQ:ALGM - Free Report) by 13.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 199,834 shares of the company's stock after selling 29,981 shares during the period. Retirement Systems of Alabama owned approximately 0.11% of Allegro MicroSystems worth $4,368,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. FMR LLC lifted its holdings in Allegro MicroSystems by 43.3% during the 3rd quarter. FMR LLC now owns 28,253,811 shares of the company's stock worth $658,314,000 after buying an additional 8,534,089 shares in the last quarter. Wellington Management Group LLP purchased a new stake in shares of Allegro MicroSystems during the third quarter worth $71,289,000. JPMorgan Chase & Co. raised its stake in shares of Allegro MicroSystems by 20.6% in the third quarter. JPMorgan Chase & Co. now owns 11,023,628 shares of the company's stock valued at $256,851,000 after acquiring an additional 1,884,578 shares in the last quarter. State Street Corp boosted its holdings in Allegro MicroSystems by 41.7% in the third quarter. State Street Corp now owns 5,486,289 shares of the company's stock valued at $127,831,000 after purchasing an additional 1,615,351 shares during the period. Finally, Geode Capital Management LLC grew its stake in Allegro MicroSystems by 86.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,561,482 shares of the company's stock worth $59,699,000 after purchasing an additional 1,187,792 shares in the last quarter. 56.45% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ALGM has been the topic of a number of analyst reports. Mizuho set a $26.00 price target on Allegro MicroSystems in a research report on Friday, October 18th. Morgan Stanley raised their target price on shares of Allegro MicroSystems from $21.00 to $23.00 and gave the company an "equal weight" rating in a report on Monday, February 3rd. Wells Fargo & Company boosted their price target on shares of Allegro MicroSystems from $23.00 to $27.00 and gave the stock an "overweight" rating in a report on Monday, January 13th. Loop Capital started coverage on shares of Allegro MicroSystems in a research report on Tuesday, November 12th. They issued a "buy" rating and a $30.00 price objective on the stock. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $30.00 price objective on shares of Allegro MicroSystems in a research report on Friday, January 31st. One research analyst has rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $30.70.

Allegro MicroSystems Stock Up 4.8 %

Shares of NASDAQ ALGM traded up $1.12 during mid-day trading on Tuesday, reaching $24.49. The company had a trading volume of 2,009,441 shares, compared to its average volume of 2,538,094. Allegro MicroSystems, Inc. has a 52-week low of $18.59 and a 52-week high of $33.26. The stock has a market cap of $4.51 billion, a P/E ratio of -69.97 and a beta of 1.66. The company has a current ratio of 4.91, a quick ratio of 3.00 and a debt-to-equity ratio of 0.40. The firm has a 50 day simple moving average of $22.93 and a two-hundred day simple moving average of $22.48.

Insiders Place Their Bets

In other Allegro MicroSystems news, SVP Michael Doogue bought 15,000 shares of the business's stock in a transaction dated Monday, November 18th. The shares were acquired at an average cost of $19.00 per share, with a total value of $285,000.00. Following the acquisition, the senior vice president now directly owns 246,086 shares of the company's stock, valued at $4,675,634. The trade was a 6.49 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.50% of the company's stock.

About Allegro MicroSystems

Allegro MicroSystems, Inc, together with its subsidiaries, designs, develops, manufactures, and markets sensor integrated circuits (ICs) and application-specific analog power ICs for motion control and energy-efficient systems. Its products include magnetic sensor ICs, such as position, speed, and current sensor ICs; and power ICs comprising motor driver ICs, regulator and LED driver ICs, and isolated gate drivers.